Great question! A Savings Jar is a place in your app to put money aside for a rainy day. Funds in Savings Jars are maintained separately from the funds in your transaction account. You can add or remove money to or from your Savings Jars by transferring funds from your main account in the app.
Transferring funds to a Savings jar will update your available balance and show the amount of money you can spend with your card. When you're ready to spend the money in your Savings Jar, you can transfer the funds back to your main account and your available balance will immediately reflect the new amount.
There are a few more important things to remember about Savings Jars:
- You don't need to apply for a Savings Jar and you can create up to three in the app at any time.
- You can't spend money in a Savings Jar with your debit card. To use the money in your Savings Jar, you must transfer it back to your main account first.
- A Savings Jar is not a separate account and money in a Savings Jar does not earn interest.